The Miami-based proptech, acquired in a multimillion-dollar deal, will be joining a multi-state tech-forward brokerage
Expetitle, a Miami-based proptech that makes real estate closings efficient and transparent, has been acquired. The buyer is The Real Brokerage, a publicly traded technology-powered real estate brokerage with 4,000 brokers operating in 40 U.S. states, Washington, DC and Canada.
Born out of the LAB Ventures startup studio, Expetitle developed technology that simplifies the paper-intensive and time-intensive title and escrow process, reducing errors and saving time using its mobile app. “When it comes to the closing process, most transactions still happen in a lawyer’s office with a thick stack of paper. Expetitle has changed that with a fully remote process, giving buyers, sellers and their agents everything they need with just a click of a button,” explained founder and CEO Sean Daly (pictured above) in an interview last year.
On Friday, Daly said the Expetitle team, now numbering 25, plans to stay together in Miami as part of The Real Brokerage. In fact, he said, Real’s CTO is moving here and the company, headquartered in New York City, plans to expand its presence in Miami.
Daly is born and raised Miamian who was working with startups in New York City when the LAB Ventures team lured him back in late 2019 to launch Expetitle. Under Daly, Expetitle’s team delivered their first remote closing in January 2020. Since then, Expetitle has grown to offering fully remote closings in Florida, Georgia and Texas, with a dozen more states on the roadmap. Daly also closed a $2.3 million seed round last fall.
In an interview Friday, Daly said Real’s business is growing exponentially and there will be so much opportunity inside the company to accelerate Expetitle’s vision.
“For us, we think this is a much more successful way to grow the business,” Daly said. “We think that with their technology on the brokerage side, and our technology on the closing side, we can create something exponentially better.”
This is the first exit for Daly, and he said he hopes the fact that the startup was launched and grown in Miami and sold to a reputable, fast-growing public company is an inspiration to other founders building here. “Miami’s the real deal,” he said. “It’s been a wonderful experience and we’ll just keep moving forward.”
Under terms of the transaction, Expetitle was acquired for $8.232 million. In addition, Real granted a total of 700,000 incentive stock options and 1.1 million restricted share units of REAX stock to members of the Expetitle team.
“Expetitle’s innovative approach to title and closing is synergetic with Real’s mission to improve both the agent and consumer experience in the real estate industry. Joining forces will allow us to expedite our efforts towards creating a more convenient, transparent and faster home buying experience for our agents’ clients,” said Real’s founder and CEO Tamir Poleg, in the company’s announcement.
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